Renewables Driving Transformer Market Growth to 2019 at 5.9% CAGR Across the Globe

May 26, 2015

A new research report says growing significance of renewable power generation will spur growth in the electrical transformer market for next few years with ABB Ltd., Alstom SA, General Electric (GE) and Siemens AG featured as key vendors in the industry.

Development of next-generation transformers is one of the major trends upcoming in the electric transformer market. Several vendors are developing advanced transformers with enhanced functionality to consolidate their existing market position. They are incorporating high-grade steel and copper to boost manufacturing of high-end power transformers. The global electrical transformer market 2015-2019 is expected to grow at a CAGR of 5.90% during the forecast period of 2014-2019.

According to this report on the electric transformer market, low cost of operation and increased domestic consumption in China and India have enticed several foreign companies, who are setting up manufacturing bases in these countries. Increased urbanization and rapid economic growth have led to a rise in electricity demand. Growing industrial activity in these countries has increased electricity consumption. Therefore, these countries will likely invest more into power infrastructure to meet the growing demand. This is expected to fuel the demand for power and distribution transformers, in turn.

Countries all over the world are moving toward renewable power sources such as wind and solar to meet their carbon emission targets and reduce dependence on fossil fuels. The US and China are rapidly increasing their solar and wind power capacity. Germany, Poland, Sweden, Turkey, and the UK are also adding wind power systems into their overall power generation indexes. In addition to ABB, Alstom Grid, GE and Siemens, this electric transformer market research mentions companies like Acme Electric, Altrafo, CELME, Crompton and Greaves, EREMU, GE Digital Energy, Hyosung Power & Industrial Systems Performance Group, Hyundai Heavy Industries, J Schneider Elektrotechnik, Layer Electronics, LS Industrial, MACE, Mitsubishi Electric, Ormazabal, Ruhstrat, SPX Transformer, Tebian Electric Apparatus Stock, Toshiba, XD Group and YangZhou Power Electric.

For ascertaining the electric transformer market size and vendor share, the report considers revenue generated from the sales of electric transformers.